Mambu, the cloud banking platform, has partnered with Western Union, a global “leader” in cross-border, cross-currency money movement and payments, in order to integrate its solution “into the latter’s next-generation real-time multi-currency digital wallet and digital banking platform in Europe.”
Mambu will “enable Western Union to extend the relationship with its customers, and create a new banking experience.”
With its cloud-native platform, Mambu “has 70 million daily users and over 230 banks and financial institutions as customers.”
Built on Mambu, Western Union’s digital banking app WU+ “will bring together a range of features that make it easy to move money, manage cards and view transactions.”
Mambu gives Western Union full control “to deploy new banking products and services that are easy to configure and integrate with external applications.”
In a single, native mobile app, customers can “create a new account in minutes by selecting a subscription model and start saving and spending instantly.”
The new digital banking offering will “help Western Union transform the transactional relationships it has with customers, into closer customer-centric connections.”
Thomas Mazzaferro, Chief Data and Innovation Officer at Western Union, said:
“Our ambition is to provide market-leading financial solutions to our customers. By partnering with Mambu, we have built our digital banking products and services starting in Europe with Germany and Romania. The Mambu and Western Union team have come together in a truly collaborative partnership accelerating our financial service ambitions, while building a product that can scale and is cloud agnostic.”
Western Union “connects millions of consumers to their families and loved ones, as well as to the world economy, across more than 200 countries and territories and in over 130 currencies.”
The company has “a truly diversified omni-channel offering, bridging the digital and physical worlds with a global retail agent network consisting of hundreds of thousands of locations, combined with one of the largest cross-border, person-to-person digital global networks, reaching billions of bank accounts, as well as millions of digital wallets and cards.”
Eugene Danilkis, CEO and co-founder of Mambu, said:
“The industry has reached a tipping point for cloud adoption. Large financial institutions have started a global trend of moving to cloud-native, nimble tech stacks and are becoming part of the ecosystem. Western Union adopted the cloud because they recognized that FIs of the future need to engage their customers with excellent new products. We are looking forward to seeing Western Union wow their customers with modern and secure banking services.”
As covered, Mambu claim to be “the world’s only true SaaS cloud banking platform.”
Launched in 2011, Mambu ‘fast-tracks the design and build of nearly any type of financial offering for banks of all sizes, lenders, fintechs, retailers, telcos and more.”
Their unique composable approach “means that independent components, systems and connectors can be assembled in any configuration to meet business needs and end user demands.”
Mambu has 900 employees that “support 230 customers in over 65 countries – including N26, BancoEstado, OakNorth, Raiffeisen Bank, ABN AMRO, Bank Islam and Orange Bank.”
Western Union has been boosting its tech stack in the past few years. Most recently, the company has enlisted Marqeta to aid with card managment.
